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#2199083 - 11/27/18 03:11 AM Partial Payment Policy Disclosure 1026.39(d)(5)
Katherine Offline
Member
Joined: Aug 2017
Posts: 62
If we are selling the loan or transferring service, are we required to include the partial payment policy of the new lender/servicer in our notice to the consumer that their loan is being transferred/sold? 1026.39(d)(5) appears to apply to the lender acquiring the servicing or purchasing the loan.

Additionally, if we do not sell the loan, in the first payment coupon/notice that we give to the borrower , am I correct in that we do not have to state our partial payment policy since that info is on the CD?

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TRID - TILA/RESPA Integrated Disclosures Rule
#2199115 - 11/27/18 03:53 PM Re: Partial Payment Policy Disclosure 1026.39(d)(5) Katherine
RVFlyboy Offline
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Joined: Oct 2000
Posts: 5,977
Soaring over Georgia
You are correct on both counts. The obligation to disclose partial payment policy upon transfer of servicing falls on the party acquiring the servicing. The one exception would be if you are generating the combined goodbye/hello notice instead of separate notices, it would need to be included there.

If you are going to be servicing the loan your partial payment policy is disclosed in the CD.
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Jim Bedsole, CRCM, CBA, CFSA, CAFP
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#2199183 - 11/27/18 07:47 PM Re: Partial Payment Policy Disclosure 1026.39(d)(5) Katherine
Katherine Offline
Member
Joined: Aug 2017
Posts: 62
Thank you!

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